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Old 05-31-2016, 04:54 PM   #21
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Yea, I agree. Part of me says that dropping it another 5% might be the ticket and part of me says I'd be leaving money on the table, as this type of property takes a while to sell for full value.

That's why I'm picking the brains of you fine folks.
Maybe talking all this over in the thread is helping you to make your decision. Sounds to me like you may not want to lower your price again after all, which is understandable.
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Old 05-31-2016, 05:00 PM   #22
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Surprised no one has suggested the well proven method for a fast sale. Bury a figure of St. Anthony upside down in the front of the house.

When It Takes a Miracle To Sell Your House - WSJ

Sheesh.
Check out post 8 by mrcanslim

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Yea, I agree. Part of me says that dropping it another 5% might be the ticket and part of me says I'd be leaving money on the table, as this type of property takes a while to sell for full value.

That's why I'm picking the brains of you fine folks.
Selling a house is way up there on the stress-o-meter. What's worse for you, leaving money on the table or not sleeping at night?

You have confidence in your realtor, so her advice is important. You might set a time period where you let her make the calls (say, 4 or 6 weeks ) and, if the result does not meet your expectations, you make the pricing decision.

One price cut with 45 days on the market is a lot, another might give prospective buyers the sense that you are too anxious to sell.
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Old 05-31-2016, 05:03 PM   #23
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Have you tried the "warm homey" tricks?

Drop of vanilla on a light bulb, bread in the oven?
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Old 05-31-2016, 05:09 PM   #24
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I agree. Not sure what my options are to take it off the market. I signed a 6 month listing with my agent, probably a mistake in retrospect. Did not anticipate it not selling fairly quick.

Check your contract but you may be able to take it off the market. Typically what you cannot do for 6 months is list it with another realtor or sell it privately and not pay your realtor a commission.
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Old 05-31-2016, 05:13 PM   #25
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Maybe talking all this over in the thread is helping you to make your decision. Sounds to me like you may not want to lower your price again after all, which is understandable.
Yes, I respect the opinions of the regular posters here and it helps to bounce my thoughts off you. A 5% drop is 25K, so it is not a trifling amount, if not necessary.

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.............
Selling a house is way up there on the stress-o-meter. What's worse for you, leaving money on the table or not sleeping at night?
I'm sleeping fine, but would rather not to have to do this all over again next spring if possible.

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You have confidence in your realtor, so her advice is important. You might set a time period where you let her make the calls (say, 4 or 6 weeks ) and, if the result does not meet your expectations, you make the pricing decision.
That is a good suggestion. He (a guy) has not been forthcoming with recommendations on when to move on the price, though, as mentioned, he has an impressive record for moving real estate.

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One price cut with 45 days on the market is a lot, another might give prospective buyers the sense that you are too anxious to sell.
Another good point.
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Old 05-31-2016, 05:42 PM   #26
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Rather than dropping the price, you might take it off the market for 60-90 days and invest part of the amount you were going to drop the price into high-value updates. Painting everything Kilim Beige makes it easier for people to imagine their own decor. Updating dated light fixtures is relatively inexpensive and makes a big impression. Update the front yard landscaping, at a minimum plant some annuals. Get rid of or store of the "stuff" in the house - makes it look much larger.

Those are the things our realtor recommended when we sold in 2010 and we got a higher price than we expected in about a week, even though our house had some "dated" features (original sink fixtures in the bathrooms, dark heavy custom wood paneling in the family room, all 8-ft. ceilings).

Good luck!
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Old 05-31-2016, 06:25 PM   #27
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I read this article from Kiplinger this morning. It has some interesting reasons why it might be hard to sell your house.

7 Reasons Your House Is Still on the Market-Kiplinger
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Old 05-31-2016, 06:36 PM   #28
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Is it about the money or is part of it about the fact you might have trouble accepting the fact that the home you cared for and loved might be torn down like it's a dump?

At 400K or higher buyers with lots of money will want to build new and first-time homeowners won't be concerned about the lot, most likely they want the most house for the buck. People buying second homes generally want an upgrade.

Maybe there is a buyer out there for you, but how long to you want to keep your home show ready or deal with the uncertainty. Only you can put a price on moving forward.
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Old 05-31-2016, 06:42 PM   #29
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In the DFW market if you don't get any offers after 10 days (that doesn't mean at your asking price), the realtors typically recommend lowering the price. Of course your market probably has its own unique conditions. What does your realtor recommend?
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Old 05-31-2016, 06:46 PM   #30
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Is it about the money or is part of it about the fact you might have trouble accepting the fact that the home you cared for and loved might be torn down like it's a dump?
I've fully expected it to be a tear-down ever since they started putting in the big homes where the regular sized ones where about 15 years ago. My hangup is selling a perfectly nice home for the same price as the tear-down next door, which was in rough shape. Maybe they found the ultimate fool buyer, I don't know.

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At 400K or higher buyers with lots of money will want to build new and first-time homeowners won't be concerned about the lot, most likely they want the most house for the buck. People buying second homes generally want an upgrade.
I agree. I bought here to upgrade my privacy and that seems to be the feeling of the neighbors, but we may be strange ducks.

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Maybe there is a buyer out there for you, but how long to you want to keep your home show ready or deal with the uncertainty. Only you can put a price on moving forward.
That's right. So far it hasn't been bad, the hard part was fixing up and painting everything. Now that is done, so a showing just means a cleaning and straightening.
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Old 05-31-2016, 06:48 PM   #31
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In the DFW market if you don't get any offers after 10 days (that doesn't mean at your asking price), the realtors typically recommend lowering the price. Of course your market probably has its own unique conditions. What does your realtor recommend?
He has not made any recommendations, though he agreed with the price drop after 45 or so days.
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Old 05-31-2016, 06:58 PM   #32
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Whether the OP likes it or not, the house is apparently a tear down also. Apparently the entire value is in the land, not the house. Now you may think it is too nice to tear down but that is not what the market is telling you right now.
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Old 05-31-2016, 07:13 PM   #33
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I've fully expected it to be a tear-down ever since they started putting in the big homes where the regular sized ones where about 15 years ago. My hangup is selling a perfectly nice home for the same price as the tear-down next door, which was in rough shape. ....
It seems perfectly logical to me... if the buyers are essentially buying the land in their minds the value (and what they are willing to pay) is the same whether there is a nice house on the lot or a junker house on the lot. In fact, in each case the lot would be more valuable with no building at all since the buyer could avoid demolition costs.

What you need to find is a buyer who might tear down someday but needs a decent place to live until they are ready to tear down. We bought our summer home, lived in it seasonally for about 5 years and then tore it down and rebuilt.
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Old 05-31-2016, 07:22 PM   #34
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Ok, I am confused; i will be putting my house in the market next spring so i can retire. Do i bury a St Joseph or a St Anthony upside down in my yard?

Being Jewish in Baptist country I am out of my element.

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Old 05-31-2016, 07:35 PM   #35
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Rust belt is a problem. When I moved Pops here from Detroit I listed the house. A nice quad level with a nice lot with a golf course right over the fence in the backyard. With a creek running through it. Nice view as well as a few broken windows.

Back in the seventies the house was worth a quarter mill. The auto plants were working 24/7, everyone had lots of dough. We sold it in 2009 for $130,000, lot's of plants closed and the ones working were 1 shift.

I got a first hand lesson of what happens when you remove a lot of dough from an area. It was sad going home and seeing what happened to the place where I was born.
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Old 05-31-2016, 07:40 PM   #36
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I live on a farm, so yes privacy is a big deal and worth money to me. .But I suspect your eventual buyer will want privacy and a new house with all the bells and whistles.

In that case, the low interest rate climate now might suggest you just pull the trigger and sell.
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Old 05-31-2016, 08:09 PM   #37
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Another factor to consider: What are prices doing in the neighborhood/market to which you plan to move? If they are going up, you might be better off taking your lumps on the sale of your present home and getting a foot into that new house.

A single datapoint: By BIL/SIL were selling their home last month, were justifiably happy when they got full-price buyer 5 days after putting it on the market. Now they are shopping for a new home in a neighboring state and the shoe is on the other foot--homes are selling before they can even get an offer in.

An off-the-wall idea: Maybe offer some owner financing? I can hear the groans from here, but here's the rationale: I've >heard< that loans are not as easy to get as they once were, and that some folks with fair credit are being turned down. An open offer of financing might be the thing tht sets your house apart. Now, you've got a house that is in very good shape, but is also worth almost as much for its teardown potential. So, if someone with crummy credit could give you a substantial down payment (they are out there-- 680 FICO and $50K in the bank), there wouldn't be much downside if things turned south. Heck, even if they wreck the place, the lot is still apparently worth almost as much as house+lot. You might make some money on the loan, and in a few years if their credit improves, they get real financing and pay you off. I did it once, and it worked out great (but, I suspect that's the exception)
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Old 05-31-2016, 08:12 PM   #38
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It seems perfectly logical to me... if the buyers are essentially buying the land in their minds the value (and what they are willing to pay) is the same whether there is a nice house on the lot or a junker house on the lot. In fact, in each case the lot would be more valuable with no building at all since the buyer could avoid demolition costs.

What you need to find is a buyer who might tear down someday but needs a decent place to live until they are ready to tear down. We bought our summer home, lived in it seasonally for about 5 years and then tore it down and rebuilt.
I think you may well be right. The agents I talked to seemed to feel that there are buyers out there that fit in the category of those that may buy, live there a while then upgrade or tear down.

Maybe they exist or maybe it is a story agents tell to get a listing.
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Old 05-31-2016, 08:24 PM   #39
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Have you looked at your competition currently on the market in the same category - "tear down if desired, but very livable if not"? By look at, I mean stalk them on zillow, look at all their pics, etc. Presumably your neighbors know you, if not show up at their open houses (or even if they do, if you're moving anyway).

That few showings ... I just don't think it's as simple as price unless you are way over and it doesn't sound like you are. How good are your pics? Does your house look Lived-In or Move-In-Ready (big difference, the latter sells, the former...not so much).

It's summer so it's prime selling season with school winding down most places. I'd give it at least a month before moving price again, since you're not in a rush.
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Old 05-31-2016, 08:39 PM   #40
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Another factor to consider: What are prices doing in the neighborhood/market to which you plan to move? If they are going up, you might be better off taking your lumps on the sale of your present home and getting a foot into that new house.

A single datapoint: By BIL/SIL were selling their home last month, were justifiably happy when they got full-price buyer 5 days after putting it on the market. Now they are shopping for a new home in a neighboring state and the shoe is on the other foot--homes are selling before they can even get an offer in.

An off-the-wall idea: Maybe offer some owner financing? I can hear the groans from here, but here's the rationale: I've >heard< that loans are not as easy to get as they once were, and that some folks with fair credit are being turned down. An open offer of financing might be the thing tht sets your house apart. Now, you've got a house that is in very good shape, but is also worth almost as much for its teardown potential. So, if someone with crummy credit could give you a substantial down payment (they are out there-- 680 FICO and $50K in the bank), there wouldn't be much downside if things turned south. Heck, even if they wreck the place, the lot is still apparently worth almost as much as house+lot. You might make some money on the loan, and in a few years if their credit improves, they get real financing and pay you off. I did it once, and it worked out great (but, I suspect that's the exception)
Good points. We are looking to move to a fast appreciating area - greater Portland, OR, though we plan to rent for a year.

The financing idea is very creative, though I'm not much of a risk taker. If the place was a little more run down, I might do it.
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